Key Highlights

  • Revenues were USD 1.58 billion, and the net loss was USD 320.1 million including a USD 286.7 million Goodwill impairment.
  • Adjusted EBITDA was USD 36.0 million, including a USD 12.7 million unfavorable F&I chargeback Liability adjustment.
  • The efficiency program totals over USD 150 million of anticipated annualized savings, with fourth-quarter SG&A falling over USD 50 million.
  • Good Sam Services and Plans gross Margin expanded 567 basis points to 62.3%, while new vehicle unit sales fell 25.4%.

Results

Camping World Holdings, Inc. (NYSE:CWH) reported third-quarter 2026 revenues of USD 1.58 billion and a net loss of USD 320.1 million, which included a USD 286.7 million goodwill impairment. Adjusted EBITDA was USD 36.0 million and included an unfavorable USD 12.7 million of finance and insurance chargeback liability adjustments.

Chief executive Matthew Wagner said new vehicle average selling price grew on a richer mix of fifth wheels and motorized units, used vehicle gross margins and Gross Profit per unit improved sequentially, Good Sam Services and Plans gross margin expanded and selling, general and administrative expense fell USD 24 million in the quarter.

Revenue fell USD 223.2 million, or 12.4%. New vehicle Revenue was USD 638.9 million, down 16.7%, on 15,126 units, down 25.4%, while used vehicle revenue was USD 518.5 million, down 12.0%, on 17,176 units, down 8.1%, for combined units of 32,302, down 17.1%. Average selling price rose 11.7% for new vehicles and fell 4.2% for used. Same store new unit sales fell 26.4% and used 8.6%. New vehicle gross margin was 10.2%, down 252 basis points, as average cost per new vehicle rose 15.0%, and used vehicle gross margin was 18.0%, down 36 basis points. Products, service and other revenue was USD 209.0 million with gross margin of 38.3%, down 690 basis points.

Cost Actions and Inventory

As signals emerged over the summer that industry new vehicle gross margins would remain under greater pressure than anticipated, the company accelerated elements of its previously announced USD 100 million efficiency program and added reductions of over USD 50 million of incremental annualized savings, bringing the program to over USD 150 million. Fourth-quarter SG&A is projected to decline by more than USD 50 million from the prior year.

It entered the fourth quarter with its lowest mix of prior-model-year new units in five years, reduced total inventory by USD 343 million from year end and had floor plan capacity of USD 823 million.

Balance Sheet and Guidance

Cash was USD 263.8 million and long-term Debt was USD 1.423 billion. Net debt decreased USD 97.8 million, or 7.0%, from a year earlier. Year-to-date Operating Cash Flow was USD 488.0 million. In August the company amended and extended its M&T real estate Facility to 2031 and continues to evaluate Options to refinance its senior secured Credit facilities.

The company expects full-year 2026 adjusted EBITDA to come in below the low end of its previously communicated USD 230 million to USD 270 million range and is not providing further guidance, with a framework for 2027 planned alongside fourth-quarter results. Management said the industry is planning 2027 unit sales comparable to 2026 while the company builds its plans on more conservative assumptions.

Indicators for the Fourth Quarter

Items to track include new vehicle gross margins, F&I chargeback liabilities, the realization of savings and refinancing of the credit facilities.